Publications > Probate & Property Magazine > 2011

March/April 2011

Risky Business: The Gatekeeper Initiative and the Risk-Based Approach to Client Due Diligence

Cover Story

Risky Business: The Gatekeeper Initiative and the Risk-Based Approach to Client Due Diligence By Kevin L. Shepherd

Efforts by the international community and federal authorities to impose obligations on lawyers to combat money laundering and counter-terrorist financing portend significant changes in client intake and monitoring and potential encroachments on the attorney-client relationship.

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  • Risky Business: The Gatekeeper Initiative and the Risk-Based Approach to Client Due Diligence
  • By Kevin L. Shepherd
    • Efforts by the international community and federal authorities to impose obligations on lawyers to combat money laundering and counter-terrorist financing portend significant changes in client intake and monitoring and potential encroachments on the attorney-client relationship.
  • Private Foundations in Transition, Part 1: Governance Issues in 2010 and Beyond
  • By Grace Allison, Janne G. Gallagher & Ramsay H. Slugg
    • Although there are fewer than 100,000 private foundations in the United States, they collectively hold assets in excess of 33 billion, and it is for this reason that those individuals who fund or operate private foundations, and their advisors, should work together to adopt and implement governance policies that reflect federal and state mandates as well as the best thinking of the charitable sector.
  • General Growth: Special Purpose Entities (Barely) Survive First Bankruptcy Test
  • By W. Rodney Clement Jr. & H. Scott Miller
    • The value of the special purpose entity structure was put to the test in the General Growth Properties (GGP) bankruptcy in 2009, and at the end of the day, bankruptcy principles prevailed over most but not all of the separateness and bankruptcy remoteness protections intended to protect the lenders? collateral.
  • Control at What Cost? Annual Exclusions Gifts and Present Interests
  • By Hugh F. Drake
    • Because of Hackl v. Commissioner, Price v. Commissioner, and Fisher v. United States, making gifts that transfer interests in closely held businesses to children and grandchildren qualify for the annual gift tax exclusion is not easy.
  • Enforcement of Guarantees Securing Commercial Real Estate Loans
  • By Susan C. Tarnower & Kevin C. Watters
    • Lenders have increased collection efforts under guarantees of loans secured by commercial real estate, and guarantors should examine and negotiate various guarantee provisions.
  • Chronic Illness: Practical Planning and Drafting, Part 2
  • By Joshua Rubenstein & Martin M. Shenkman
    • Planning and drafting for clients living with chronic illnesses present unique challenges, and often issues that seem simple to address will not be adequately met with standard clauses and approaches.
  • New Accounting Standards Will Drive Changes in Real Estate Industry Practices
  • By John W. Hanley Jr.
    • In August 2010, the Financial Accounting Standards Board released proposed new accounting rules for real estate and equipment leases, which, if become effective without substantial modification, will dramatically change the way leases are reported in the financial statements of public and private companies and nonprofit organizations.
  • BVI VISTA Trusts and Preserving the Family Enterprise
  • By Robert Wiegand II & Christina Kouch
  • This article introduces the potentials of the British Virgin Islands Special Trust Act (VISTA) for use by U.S. persons.

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